Standard Chartered PLC has no intention to sell its 45 percent stake in Indonesia’s Bank Permata Tbk, This was revealed by Standard Chartered on Tuesday.

Standard Chartered shut its global equities business to interested bidders in January and experts that understand the lender think that this action could be a prelude to selling off stakes in a number of Asian banks to boost capital.

Lim Cheng Teck, CEO for ASEAN at Standard Chartered, told Reuters on the sidelines of the World Economic Forum in Jakarta. “We do not have the intention of disposal (of the stake) at this stage.”

According to Thomson Reuters data, Standard Chartered and Indonesian conglomerate PT Astra International Tbk owned 45 percent each in Bank Permata as of December 2014. The two companies purchased these stakes in 2004 and 2006 with an overall value of $548 million. At current market prices, a 45 percent stake in Bank Permata would be valued at around $660 million (443.76 million pounds).

The Indonesian bank is expected to post an overall loan growth of 10 percent this year which is considered lower than 11-12 percent in 2014 because of the slowing economy. This data was provided by the Indonesian lender’s president director, Roy Arfandy in an interview.

On the other hand, Indonesian President Joko Widodo has mentioned that infrastructure development for his administration was a priority rather than taking on the big state-owned banks. Permata would rather provide support for the industries”, Arfandy said. “We can provide working capital for the contractors,” he added. “Our risk appetite is five-seven years, definitely we cannot go for the 10-year projects.”

Permata is also set to provide financial help to small and medium businesses, as well as improving its Islamic banking segment. One such project is to attract the funds of Muslims who make their religious pilgrimage.

About Standard Chartered PLC

Standard Chartered PLC is a British company that provides banking and financial services with headquarters in London. It has a network of more than 1,700 branches and outlets across more than 70 countries and employs more than 87,000 people. Despite its UK base, Standard Chartered does not conduct retail banking in the UK, and around 90% of its profits come from Asia, Africa and the Middle East. Standard Chartered has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index. It is the 13th-largest of any company with a primary listing on the London Stock Exchange. Its largest shareholder is the Government of Singapore-owned Temasek Holdings. The name Standard Chartered comes from the names of the two banks from which it was formed by merger in 1969: The Chartered Bank of India, Australia and China, and Standard Bank of British South Africa Standard Chartered stock market evolution: http://www.marketwatch.com/investing/stock/stan

About Lim Cheng Teek

Lim Cheng Teck is Standard Chartered Bank’s Chief Executive Officer, ASEAN with effect from 1 May 2014. Prior to his current appointment, he was the Chief Executive Officer and Executive Vice Chairman of Standard Chartered Bank (China) Limited from 2009 to April 2014, Chief Executive Officer of Standard Chartered Bank, Singapore from 2006 to 2009 and Chairman of Standard Chartered (Mauritius) Limited from 2008 to April 2010. He has been appointed as the Chairman and Director of Standard Chartered (Thai) Public Co. Ltd since April 2014. Mr. Lim has an MBA from Brunel University, United Kingdom and a Bachelor of Arts degree from the National University of Singapore.

Mr. Roy Arman Arfandy serves as President Director of PT Bank Permata Tbk since November 27, 2014. He served as Wholesale Banking Director, Head of Client Relationship from July 28, 2010 until November 27, 2014. He holds Bachelor of Engineering from Universitas Hasanuddin in 1991. He has banking experience in Indonesia, including with PT Bank Danamon Indonesia (1991-1994), PT Bank BDNI (1994-1998), PT Bank Dai-Ichi Kangyo Indonesia (1998-2001), PT Bank Mizuho Indonesia (2001-2003) and PT Bank DBS Indonesia (2003-2007). He joined Permata Bank in 2007 serving in various posts, including Head of Credit Services, Segment Head, Commodity & Local Corporate, and Head of Client Relationships.